CRUDE OIL: With Crude Oil extending its corrective weakness, there is risk of further declines towards the 90.00 level. A respite may occur here but if taken out, expect further declines to develop towards the 88.00 level. Further down, support lies at the 86.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, Crude Oil will have to break and hold above the 100.39 level to resume its medium term uptrend. Above here will target the 102.00 level with a cut through here calling for a run at the 104.00 level followed by the 106.00 level. All in all, Crude Oil continues to hold on to its corrective weakness bias.
For more forex information, go to www.fxtechstrategy.com